Thailand: Manufacturing output slows pace of contraction
July 26, 2013
In June, manufacturing production fell 3.5% over the same month last year. The figure marked a notable improvement over the 7.8% contraction observed in May, but was worse than the 2.7% drop expected by the market. The contraction reflects a milder decline in both refinery output and food manufacturing.
On a monthly basis, manufacturing output rose 1.7% in seasonally adjusted terms, which followed the flat reading recorded in May. The trend also continues to improve, with annual average growth in industrial production rising from 8.1% in May to 8.6% in June.
For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panellists expect manufacturing to expand 3.4% in 2013, which is down 1.3 percentage points from last month's estimate. For 2014, the panel predicts that manufacturing will expand 5.2%.